DOJ Begins Forfeiting Ray Bitar’s Assets
May 8th, 2013 by Site Admin
Ray Bitar, the founder of Full Tilt Poker, struck a plea bargain with the United States Department of Justice earlier this month. The resolution stipulated that Bitar would be released for time served. However, the DOJ will seize assets that Bitar acquired by illegally providing online poker to players in the United States after the Unlawful Internet Gambling Enforcement Act was passed.
Bitar will be forfeiting all the money he holds in nearly 20 different bank accounts around the world. He will also need to surrender a variety of properties he purchased with the profits he made from operating Full Tilt. These include a $3 million house that he owns in California and a timeshare for a golf resort in Bermuda with an estimated value of $400,000.
The Department of Justice also wants to prohibit Bitar from offering online poker services in the United States again. Bitar will also be required to surrender all equity and ownership rights for Full Tilt Poker and all affiliated companies.
The DOJ filed the forfeiture order early last week. DOJ officials have demanded financial documents for nine different businesses that Bitar owns. He is the partner in RCR Pictures, a Beverly Hills film production company that he opened with Chris Robinson and Robin Schorr in 2010. He also holds equity in a real estate development company, two landscaping companies and at least five other companies throughout the country.
Bitar may be required to forfeit shares equity he holds in other businesses if the DOJ can show that he purchased a stake in those firms with money he earned through Full Tilt Poker.
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